Real estate investing has become a lot less local in recent years. This is due to emerging technologies that easily connect people from coast to coast. While markets are still heavily determined by location, smartphones and other technologies have made services such as out-of-state property management not only possible but relatively commonplace.
No longer do investors have to live where they own rental properties. Remote rental owners in Austin are able to take advantage of the many opportunities the region provides, even if they live far away.
If you’re thinking about investing in rental properties in Austin but don’t live here, you should be aware of how remote property management services work. In this article, we’ll explain the keys to how Austin property management companies, like 1836 Property Management, work with out-of-state investors.
Proactive Communication
Communication is always a vital aspect of any business relationship, but it’s especially important when the people involved aren’t in the same location. For Austin property management companies, this means they need to stay in regular contact with out-of-state investors.
This is the responsibility of the property management company. They must make sure that the proper lines of communication are set upfront, and that they remain open and used often.
Investors should expect that the company they partner with sets regular check-ins, even if everything is OK. This will build trust and ensure a proactive rather than reactive approach.
Keep the Rental Owner Aware of the Process
Remote rental owners in Austin won’t be present on location nearly as often as if they lived close by. But it’s the job of the property management team to make them feel as if they are. This means keeping the rental owner up-to-date on as much of the process as possible.
Thanks to modern technology, companies can give investors digital walkthroughs of the property, host video meetings with maintenance professionals and keep them regularly updated about viewings and leasing while the property is still on the market.
This approach to out-of-state property management will once again go a long way in establishing trust. It also will ensure that the investor’s voice is heard, which will allow them to feel more comfortable with not being physically present.
Visit the Property on a Regular Schedule
Investors who live near their rental property can stop by for scheduled visits to make sure everything is OK. However, this simply isn’t possible for remote rental owners.
Austin property management companies, then, should have their team visit the property regularly on a predetermined schedule. These visits for things such as property walkthroughs help to ensure that the property is being kept in good condition and habitable for the tenant living at the property. This also enables investors to know the condition of their property and when to expect future updates.
Organization is key to out-of-state property management, and setting up this regular schedule for property visits can be a central part of that plan.
Provide Real-Time Insights
Data powers many investing decisions today, and savvy property owners will expect access to real-time data. Austin property management companies should provide that access, through top-notch software services.
The latest property management software stacks, such as the ones used by 1836 Property Management, allow investors to see all of their data in real-time. This includes vital information such as leasing data, return performance data, maintenance data and more.
No longer is this information a “nice-to-have;” it’s a must-have for all remote rental owners in Austin.
1836 Property Management Streamlines the Process for Out-of-State Investors
Out-of-state investing is becoming more popular by the day, as it’s easier than ever to own property in a place where you don’t live. To be successful, remote rental owners need a solid local property management partner they can trust to run the day-to-day operations.
At 1836 Property Management, we streamline the property management process for out-of-state investors in the greater Austin, Texas area. We have detailed and proven remote property management services in place. Also, we keep our out-of-state investors up-to-speed every step of the way.
We use best-in-class property management software so remote rental owners in Austin can view and analyze real-time data on various aspects of their properties.
1836 Property Management can be reached at (512) 994-4323. For more information, please contact us today. We look forward to partnering with you.
